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Tuesday, 27th February 2024
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McCreevy pension fund now IEP4.1 billion Back  
The temporary fund managed by the NTMA in advance of legislation setting up the pre-funded state pension funds received a further contribution of IEP1.1 billion in the first quarter of this year. Added to the IEP3 billion from Telecom receipts, this brings the total to IEP4.1 billion. When the 1 per cent of GNP contribution for 2000 is added later this year, the fund will rise to approximately IEP4.8 billion.

The NTMA is investing the fund in short term deposits and money market instruments, as permitted in a special Act passed last December. Counterparty risk limits that apply to the NTMA in general are in operation for the fund.

Work is continuing in the Department of Finance on drafting main parts of the bill to put the pension funds on a statutory basis and to require the Minister for Finance to add a contribution equivalent to 1 per cent of GNP each year. The Department says it can reach the target of publishing the Bill before the summer recess of the Dail and hopes that it may even be possible to begin the passage through the Oireachtas then.

It could then be late autumn or winter before the NTMA is able to put out invitations to tender for investment mandates. The legislation is expected to allow the NTMA to delegate investment powers in this way.

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